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Vodafone Group Plc Task Force on Climate-related Financial Disclosures Report 2023
Overview
Risk Management
Metrics and Targets
Governance
Strategy
A message from our Chief Executive
At Vodafone, we understand that setting public commitments to tackle climate change is essential. Now we have established our ambitions, we are focused on the most challenging part: executing the plan to achieve those ambitions and driving the necessary transition, whilst recognising societal requirements and the variation in levels of international development. We believe business success should not come at a cost to the environment, and we are committed to reducing the impact of our activities. We also see a key role for our digital networks and technologies in helping to address climate change. Digitalisation is key to saving energy, using natural resources more efficiently and creating a circular economy. We are confident that we will achieve our 2030 net zero target for our own operations (Scope 1 and 2) as we have made significant progress in our journey: our European markets have been powered by 100% renewable electricity since July 2021 and our teams are working to achieve our goal to power 100% of our global operations with renewable electricity by 2025. As part of this goal, we are also placing significant focus on developing innovative sustainable power solutions; for example, working with external organisations to develop self-powered mobile masts and install micro-turbines. Our goal to achieve net zero across our entire operations by 2040 is ambitious and we will publicly release our climate transition plan in the next year. However, achieving net zero across our entire value chain is also reliant on the transformation programme of our partners. We are proud to have been recently recognised by CDP as a leader in supplier engagement programmes to drive climate change action.
Furthermore, we are aware that climate change poses risks to our business and industry, as well as broader society. As part of our commitment to operate ethically and sustainably, we strive to understand climate-related risks and opportunities and embed responses to these into our business strategy and operations. Over the last year, we have continued to build on our previous climate scenario work and considered our resilience against key climate-related risks and opportunities. As this report demonstrates, we are using the insights to better understand mitigating controls, engage with relevant stakeholders across the business and identify ways to further embed climate risk into our risk management system and processes. Our ESG Committee (a Board committee established in 2021), continues to ensure our approach to climate-related risks is integrated into our strategy. Chaired by Amparo Moraleda, the role of the Committee is to provide oversight of Vodafone’s environmental, social and governance (‘ESG’) programme, sustainability agenda and responsible business practices. The Committee also provides oversight of Vodafone’s contribution to the societies we operate in under our social contract, which is the partnership we wish to develop with governments, policy makers and civil society. Our Task Force on Climate-related Financial Disclosures (‘TCFD’) Report offers a transparent summary of our approach to climate-related strategy in line with the TCFD framework; it details our progress, and the opportunities and challenges that we face on our path to net zero. Margherita Della Valle Chief Executive
Margherita Della Valle Chief Executive
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